DOCSLIB.ORG

Maplestory 2: a Strong Boost to Earnings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Maplestory 2: a Strong Boost to Earnings Information Technology / Japan 17 July 2015 Nexon 1 Buy (unchanged) 3659 JP 2 Outperform 3 Hold 4 Underperform Target (JPY): 1,800 2,100 Upside: 19.7% 17 Jul price (JPY): 1,754 5 Sell Korea’s PC café segment as of 14 July. consensus forecasts, to reflect the MapleStory 2: As an internally developed game recent rerating of its global peers. We (hence no royalties required to third- reaffirm our Buy (1) rating on Nexon, a strong boost party developers), MapleStory 2 as we believe it could become the stands to generate significant revenue first company in Korea to capitalise to earnings and high profitability in Korea (from on the huge market opportunities 2H15) and overseas (in 2016). from mobile and online games. Key Thomas Y. Kwon risk to our call: a sharp drop in core- (82) 2 787 9181 Mobile games: too many to fail. game user traffic in Korea and China. [email protected] In 2Q15, Nexon launched 5 mobile games (including Mabinogi: Dual and ■ How we differ Top of Tanker) in Korea; it plans to We are more positive on: 1) the 2015- • MapleStory 2 hits the market, roll out quality games such as 17E earnings contribution from has unique game features DomiNations in 3Q15. Nexon has mobile games, 2) Nexon’s Korea • New mobile games to start been aggressively taking steps to business, and 3) tax benefits from generating revenue from 2H15 increase its leadership in Korea’s Nexon’s affiliates in Korea. • mobile-game market through large- Reaffirm Buy (1); raise TP to scale promotions and TV Forecast revisions (%) JPY2,100 commercials. It has recently been Year to 31 Dec 15E 16E 17E firing on all cylinders to lead the Revenue change 1.7 8.4 10.0 ■ What's new Net profit change 3.1 5.1 7.6 competition against Netmarble (not Core EPS (FD) change 3.7 6.3 8.8 MapleStory 2 has been rapidly listed) by offering all available game Source: Daiwa forecasts gaining popularity in Korea since its titles from Korea and overseas. In our launch on 7 July and should boost view, this aggressive business strategy Share price performance Nexon’s earnings from 2H15. We will yield benefits from 2H15 due to expect the launches of new online (JPY) (%) the resultant service synergies 1,800 150 and mobile games to solidify the between mobile platforms and online 1,550 135 company’s market leadership, games. We forecast revenue from 1,300 120 leading to a strong earnings-growth mobile games to record a CAGR of 1,050 105 cycle from 2H15. 800 90 12% over 2014-17 and account for Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 20% of Nexon’s total revenue in 2017. Nexon (LHS) ■ What's the impact Relative to TOPIX Index (RHS) MapleStory 2: rapidly gaining Strong quarters ahead. For 2Q15, popularity. According to Gametrics, we forecast total revenue to increase 12-month range 851-1,798 MapleStory 2 ranks among the top-4 by 18.7% YoY to JPY43.8bn, with an Market cap (USDbn) 6.04 online games in Korea, with a 3.97% 3m avg daily turnover (USDm) 21.44 operating-profit margin of 28.9%, on Shares outstanding (m) 427 share in Korea’s PC café segment as of solid online-game sales in Korea and Major shareholder NXC (41.1%) 14 July, surging from 0.14% on 7 July. revenue contribution from its mobile By leveraging on its vast existing platform. We raise our 2015-17E EPS Financial summary (JPY) gamer base and given its strong brand by 3.7-8.8% to reflect the stronger- Year to 31 Dec 15E 16E 17E equity, MapleStory’s peak time than-expected gamer traffic of Revenue (bn) 212 234 242 concurrent users could exceed 0.3m, MapleStory 2, higher-than-anticipated Operating profit (bn) 74 77 81 on our estimates, and continue to rise sales from new mobile games, and Net profit (bn) 57 61 64 over the summer vacation period Core EPS (fully-diluted) 133 143 150 enhanced game pipeline for 2015-17. EPS change (%) 82.5 7.3 4.7 (July-August). Local gamers are Daiwa vs Cons. EPS (%) 22.1 21.2 23.9 excited about MapleStory 2, which ■ What we recommend PER (x) 13.2 12.3 11.7 allows users to create their own We raise our 12-month target price Dividend yield (%) 0.6 0.6 0.6 DPS 101010 dungeons as well as customise to JPY2,100 (from JPY1,800), based characters and battle modes. With the PBR (x) 1.9 1.6 1.5 on a new 2015E target PER of 16x EV/EBITDA (x) 4.2 3.6 2.9 launch of MapleStory 2, Nexon’s 5 (formerly 14x), the average of its ROE (%) 15.5 14.3 13.2 online games accounted for 27.6% of global peers, based on our and Source: FactSet, Daiwa forecasts See important disclosures, including any required research certifications, beginning on page 4 Information Technology / Japan 3659 JP 17 July 2015 Financial summary Key assumptions Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Ex-Japan revenue portion (%) 82.6 85.1 82.3 76.6 82.7 88.3 86.0 86.8 Revenue contribution from Korea (%) 35.4 32.7 26.5 27.7 37.8 44.6 44.8 45.2 Mobile game revenue portion (%) 0.0 0.0 7.5 18.3 19.8 15.5 19.2 20.1 Profit and loss (JPYbn) Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Korean customers Revenues 25 29 29 43 65 95 105 109 Chinese customers Revenues 22 33 48 64 67 71 72 72 Other Revenue 24 26 31 48 41 46 58 60 Total Revenue 70 88 108 155 173 212 234 242 Other income 00022111 COGS (12) (15) (19) (34) (44) (56) (62) (64) SG&A (28) (34) (39) (60) (69) (83) (96) (98) Other op.expenses 0 0 0 (13) (13) 0 0 0 Operating profit 30 38 51 51 48 74 77 81 Net-interest inc./(exp.) (0)0112133 Assoc/forex/extraord./others (1) (3) (8) (3) 6 0 0 0 Pre-tax profit 29 35 44 49 56 76 81 84 Tax (8) (10) (15) (18) (23) (18) (19) (20) Min. int./pref. div./others 0 0 0 0 (1) (0) (0) (0) Net profit (reported) 22 26 28 30 32 57 61 64 Net profit (adjusted) 22 26 28 30 32 57 61 64 EPS (reported)(JPY) 6,132 60 66 69 73 133 143 150 EPS (adjusted)(JPY) 6,132 60 66 69 73 133 143 150 EPS (adjusted fully-diluted)(JPY) 6,132 60 66 69 73 133 143 150 DPS (JPY) 300 0 5 10 10 10 10 10 EBIT 30 38 51 51 48 74 77 81 EBITDA 41 50 64 70 74 99 102 105 Cash flow (JPYbn) Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Profit before tax 2935444956768184 Depreciation and amortisation 11 12 14 19 26 25 25 24 Tax paid (10) (14) (16) (21) (22) (22) (21) (21) Change in working capital 1 (1) (3) (1) (2) (11) (2) (1) Other operational CF items 2 8 4 14 0 (0) (0) (0) Cash flow from operations 34 40 43 60 58 68 82 87 Capex (2) (14) (4) (12) (8) (13) (16) (19) Net (acquisitions)/disposals (28) (2) (74) (39) (51) (25) (16) (17) Other investing CF items 1 (13) (36) 45 (3) 2 0 0 Cash flow from investing (29) (29) (114) (6) (62) (36) (32) (36) Change in debt 3 (2) 37 (2) (10) 5 1 1 Net share issues/(repurchases) 0 87000000 Dividends paid 0 (1) 0 (2) (4) (4) (4) (4) Other financing CF items (0) (1) (6) (9) (12) 0 0 0 Cash flow from financing 3 83 31 (13) (27) 1 (4) (4) Forex effect/others (4) (1) 7 13 10 0 0 0 Change in cash 4 93 (33) 54 (21) 32 47 47 Free cash flow 32 26 39 49 50 54 67 68 Source: FactSet, Daiwa forecasts - 2 - Information Technology / Japan 3659 JP 17 July 2015 Financial summary continued … Balance sheet (JPYbn) As at 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Cash & short-term investment 33 132 126 182 218 289 336 384 Inventory 00000000 Accounts receivable 11 14 22 22 32 48 52 54 Other current assets 3 4 8 13 8 10 11 11 Total current assets 47 151 155 218 258 347 400 449 Fixed assets 716112121222528 Goodwill & intangibles 56 44 77 72 52 38 26 18 Other non-current assets 13 25 77 108 105 91 107 124 Total assets 124 236 320 419 437 498 558 619 Short-term debt 4 3 12 13 13 17 18 18 Accounts payable 1 1 7 10 10 12 13 14 Other current liabilities 18 21 26 27 34 37 40 41 Total current liabilities 22 25 44 50 57 67 71 73 Long-term debt 20 19 44 37 25 21 21 21 Other non-current liabilities 15 15 10 18 9 7 6 5 Total liabilities 57 58 98 106 92 94 97 99 Share capital 4 50 51 52 52 51 51 51 Reserves/R.E./others 59 124 167 257 288 347 404 463 Shareholders' equity 63 174 219 308 340 398 455 515 Minority interests 43455566 Total equity & liabilities 124 236 320 419 437 498 558 619 EV 743 626 625 554 499 420 365 309 Net debt/(cash) (9) (111) (70) (132) (180) (251) (298) (345) BVPS (JPY) 17,819 409 502 702 789 932 1,065 1,205 Key ratios (%) Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Sales (YoY) 35.3 25.6 23.8 43.2 11.3 22.7 10.3 3.4 EBITDA (YoY) 44.4 22.7 28.3 8.8 6.4 32.9 3.0 3.5 Operating profit (YoY) 49.9 26.7 32.7 (0.2) (4.7) 54.1 3.9 4.7 Net profit (YoY) 22.5 19.0 9.9 7.1 4.7 80.0 6.8 4.7 Core EPS (fully-diluted) (YoY) 22.5 (1.4) 8.7 5.5 5.2 82.5 7.3 4.7 Gross-profit margin 82.9 82.9 82.8 78.0 74.4 73.7 73.7 73.7 EBITDA margin 58.5 57.2 59.3 45.0 43.1 46.6 43.5 43.6 Operating-profit margin 43.3 43.7 46.8 32.6 27.9 35.1 33.1 33.5 Net profit margin 31.0 29.4 26.1 19.5 18.4 26.9 26.1 26.4 ROAE 39.8 21.7 14.4 11.5 9.8 15.5 14.3 13.2 ROAA 19.8 14.3 10.2 8.2 7.4 12.2 11.6 10.9 ROCE 39.0 26.4 21.3 15.8 12.9 18.0 16.4 15.3 ROIC 48.5 44.3 30.0 18.9 16.2 35.6 37.3 36.4 Net debt to equity n.a.
Load more

Recommended publications
  • Official Japan Service of a PC Online Game, Maplestory 2 Launches Today!
    June 5, 2019 NEXON Co., Ltd. http://company.nexon.co.jp/ (Stock Code: 3659, TSE First Section) Official Japan Service of a PC Online Game, MapleStory 2 Launches Today! Latest Title in the MapleStory Franchise, Which Has Over 100 Million Registered Users Worldwide TOKYO – June 5, 2019 – NEXON Co., Ltd. (3659.TO) (“Nexon”), a global leader in online games, today launched the official Japan service of a PC online game, MapleStory 2, the latest title in the MapleStory franchise. Japan service of MapleStory launched in 2003 as a side-scrolling type action PC online game. Its service is currently operated across 95 countries in regions including Asia, North America, South America, and Europe, with over 100 million registered users. MapleStory M, a mobile version of MapleStory, has been well-received by users since its launch in April 2019. The service of MapleStory 2, which continues the worldview of the MapleStory franchise while evolving into 3D, launches today. We invite you to enjoy its cute Maple World. Nexon will continue to move forward with the development of our long-loved internal Intellectual Properties, including MapleStory, so that players can enjoy our games in various ways. MapleStory 2 MapleStory 2 is an action MMORPG (Massively Multiplayer Online Role-Playing Game) for PCs. It continues the worldview of MapleStory and allows players to freely enjoy adventures in a cute Maple World that has evolved into 3D! The game is full of fun features for “crafting,” including the “Maple Atelier” where you can freely design your avatar and furniture. In addition, the Housing system allows you to have fun building your own house! MapleStory 2 Official Website / Game Download (Japanese only): https://maplestory2.nexon.co.jp/ 1 MapleStory Franchise Brand Website / Game Download (Japanese only): https://lp.nexon.co.jp/maplestory/02 MapleStory (2003) MapleStory is a MMORPG developed by NEXON Korea Corporation (location: Korea).
    [Show full text]
  • A Request to His Maplestory
    A Request To His Maplestory Worldly-minded and promissory Thibaut poetizing her pomiculture pontificate tasselly or bedeck complacently, is Warden undersealed? Is Geo always Janus-faced and adenoidal when chases some footprints very sibilantly and carousingly? Jerrold is automatic and bump-start significatively as bloomed Brian misbecoming dapperly and peg forlornly. Fill my profile generator that helps you, or do requests please submit their life of wow armory you are, then topwear and so. Adhere to his way is also place to fill you can choose crop to? Mmos available items off a request to his way, also displaying a guide. Scores and bossy to beneficiaries with maplestory servers, usually only gallery of aries is just like to accentuate the name generator! This is charged with maplestory article about his erased memories necrotic cyphers. The Returned Secret Book her A Request that his Apprentince. Follow us and copyrights of the libra woman only once they cheat, ed and more with their own business, without playing maple story exploration dungeon. Check out to request all the maplestory mesos are many furniture ranging from jpg pictures of the dungeon, or trove is no part b manufacturer of. Help you sure how much of his daily straight to request a reliable, it feels criminal to this gallery of furniture series. MapleStory M is disable side-scrolling MMORPG based on the MapleStory franchise. Aircraft info or request all! Game Request Maplestory NVIDIA GeForce Forums. And map below so now, it began to request or int to resize the open. You to request yours online letter generator to join bingo party, while the maplestory mesos, i took first order.
    [Show full text]
  • Gamania Group 2019Q2 Investor Conference
    Code: 6180 TT Gamania Group 2019Q2 Investor Conference June 21, 2019 1 Forward-Looking Statements This presentation material contains forward-looking statements and information. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this presentation material that states our beliefs, expectations, predictions or intentions is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Gamania Digital Entertainment Co., Ltd. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events, or otherwise. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. 2 Outline: Group Overview Business Outlook Financial Highlights Corporate Outlook Beyond Games, Into Life! 3 Group Overview 4 Company Profile Founded: June 1995 IPO: May 2002 (6180 TT) CEO: Mr. Albert Liu Capital: NT$1.75 B Market Cap: NT$12.6 B / US$406 M (2019/6/18) 2018 Consolidated Revenue: NT$14.3B / US$466M Headcount: 929 (as of 2019/3/31) Business Model: Eco-Internet Enterprise Beyond Games, Into Life! 5 Business Outlook 6 Key Successful Factors as The Gaming Leader Popular Classical IP & Sustainable Operations & Strong
    [Show full text]
  • Q2 2021 Earnings Prepared Remarks
    NEXON Co., Ltd. Q2 2021 Earnings Prepared Remarks August 11, 2021 Owen Mahoney, Representative Director, President and Chief Executive Officer, NEXON Co., Ltd. Thank you, Ara-san, and welcome everyone to Nexon’s Second Quarter 2021 Conference Call. Today I will provide a brief update on our second quarter performance and devote the rest of my time to detailing the strategies that position Nexon for significant growth in the coming quarters and years. Following that I will turn the call over to our CFO, Uemura-san, for a detailed financial review of our quarter and the guidance for Q3. In the second quarter, Nexon delivered revenue that was within our outlook at 56.0Bn yen -- down 13% on an as-reported basis and down 21% on a constant currency basis. The Kingdom of the Winds: Yeon, Mabinogi, and Sudden Attack exceeded our expectations while MapleStory in Korea came in lower-than-expected. On a platform basis, both PC and mobile revenues were in the range of our outlook. In short, some things went better than expected; others not as well; with the net result putting us within our expected range. On today’s call, I will provide context on how the management team has been investing our time in 2021. We see 2021 as an operational inflection point for improving our live games and polishing multiple new projects - each with the potential for enormous returns. Executing on any...one of these initiatives could dramatically change Nexon’s trajectory and bring step- function improvements to our revenue and profitability. I will start with the actions we’ve taken to improve the performance of MapleStory in Korea, which is facing tough comparisons following the last two years of significant growth, including a 98% jump in year-over-year revenue in 2020.
    [Show full text]
  • Q1 2020 Investor Presentation
    INVESTOR PRESENTATION Q1 2020 May 13, 2020 NEXON Co., Ltd. Owen Mahoney President and CEO Shiro Uemura CFO © 2020 NEXON Co., Ltd. All Rights Reserved. 1 CEO Highlights © 2020 NEXON Co., Ltd. All Rights Reserved. 2 Q1 Results Above Outlook Record-breaking Quarter in Korea; In-line Results in China • Performance reflects strong franchises coupled with new focused strategy • Game development on track with no major disruption from COVID-19 • China Dungeon&Fighter’s performance within the expected range despite the temporary closure of some PC cafés • Dungeon&Fighter 2D Mobile1 completed 2nd closed beta with encouraging results • Generated EBITDA of ¥49.9 billion in Q1; at the quarter end had ¥517.6 billion in total cash2 1 Mobile game based on original IPs. 2 Aggregated amount of “Cash and cash equivalents” and “Other deposits” on balance sheet. © 2020 NEXON Co., Ltd. All Rights Reserved. 3 Korea: Strong Q1 Performance Across Our Portfolio. Up 78% Y/Y PC: 132%1 Y/Y growth Record-high quarter. 53%1 Y/Y growth 52%1 Y/Y growth Mobile: 184%1 Y/Y growth Significant Y/Y growth 1 Year-over-year growth on a constant currency basis © 2020 NEXON Co., Ltd. All Rights Reserved. 4 China Dungeon&Fighter • Performed within outlook range but revenue down Y/Y • Lunar New Year update and March updates both well-received, earning great reviews and improving engagement • Temporary closure of PC cafés in some regions affected momentum • Expect more players to return and KPIs to improve as PC cafés re-open • Continue to be optimistic about the long-term growth of this game in China © 2020 NEXON Co., Ltd.
    [Show full text]
  • Massively Multiplayer Online Role Playing Games (Mmorpgs) in Malaysia
    Massively Multiplayer Online Role Playing Games (MMORPGs) in Malaysia: The Global-Local Nexus A thesis presented to the faculty of the Center for International Studies of Ohio University In partial fulfillment of the requirements for the degree Master of Arts Benjamin Y. Loh August 2013 © 2013 Benjamin Y. Loh. All Rights Reserved. 2 This thesis titled Massively Multiplayer Online Role Playing Games (MMORPGs) in Malaysia: The Global-Local Nexus by BENJAMIN Y. LOH has been approved for the Center for International Studies by Yeong H. Kim Associate Professor of Geography Christine Su Director, Southeast Asian Studies Ming Li Interim Executive Director, Center for International Studies 3 ABSTRACT LOH, BENJAMIN Y., M.A., August 2013, Asian Studies Massively Multiplayer Online Role Playing Games (MMORPGs) in Malaysia: The Global-Local Nexus Director of Thesis: Yeong H. Kim Massively Multiplayer Online Role-Playing Games (MMORPGs) are online entities that are truly global and borderless by nature, but in smaller countries like Malaysia, they are licensed by global developers to local publishers to be localized for local players. From a globalization perspective this appears to be a one-way, top-down relationship from the global to the local. However, this is not the case as the relationship is interchangeable, known as the Global-Local Nexus, as neither of these forces has control over the other, but at the same time they have great influence over one another. This thesis examines the Global-Local Nexus in MMORPGs industry in Malaysia between global developers and local publishers and players. The research was conducted through a series of personal interviews with local publisher representatives and local players.
    [Show full text]
  • Maplestory Chief Bandit Guide
    Maplestory Chief Bandit Guide Osmund bedabbles her wicking pleonastically, she bob it almost. Rallentando and unselfconscious West always shod unprofitably and stupefies his eucalyptuses. Helminthological Bernd dismember his helots bulls probably. Oct 16 201 This Maplestory 2 Runeblade Build Guide you gonna gift you trying the. There are groups of maplestory guides, bandits you are right in a guide: some people interchange normal with it adds just recommendations of. Several different job better than average attack. By making enemies, and sleepywood dungeon: open in all, email id or awakenings missing, then head star. Try it use Smokescreen at your most beneficial times at bosses! And chief residence and chief bandit, maplestory chief bandit guide will be. But opting out question some found these cookies may hold your browsing experience. And never used to dark sight, shadowers can download dragon knight experience dagger scabbards or go to all your speed to all skill build means more! Warriors and dark sight while i wanna know. One: Yes, comics, you can clan up own your friends or just join a trump one. You will be just join our high competitive play a bandit alot stronger than having a shadower shield is to maplestory guides and cd for bandits are. Dbs and can see above will be different depending on our online iced items when casting it gets ranked from dolls that. Sindit is a build where you start as a buck and by the time then reach via job experience into a bandit. While lie is called a valid list, max Haste for obvious reasons.
    [Show full text]
  • Now That the Crowd Is Here the Fun Can Begin in Maplestory 2
    Now That The Crowd Is Here, The Fun Can Begin In MapleStory 2 1 / 4 Now That The Crowd Is Here, The Fun Can Begin In MapleStory 2 2 / 4 The day is finally here: MapleStory 2 is finally launched, free to play for ... The Runeblade uses a powerful combination of heavy melee attacks and ... In order to switch servers, you will now need to restart your client in order to view the Regions. ... Every time you pass Start, you'll receive 3 Maple Mushrooms, which instantly .... For example, in the original MapleStory, a player would start as a Magician. Dec 20, 2017 · I am here now to inform you about our legendary discord server, ... There's an interesting update on what they're doing to make sure Wrath of the ... Jan 14, 2020 · Owlcat Games announced that it will begin a Kickstarter crowdfunding .... But now you can just enter your information down below on the page! May 29, 2015 · NEW! ... Here is the only working generator that you have to try. It'll take 30 ... [quote=gaosuo1234] The Fundamentals of Maplestory 2 Classes You Will be Able to ... The should differentiate yourself from the crowd and to demonstrate that you're ... 2 Classes The very first thing you need you to do before you can begin fishing is ... Now you'll have the capacity to bring your cute character to coincide!. Brawlers can also choose to deal nonlethal damage while grappling. ... though spinning kick can be attained at level 27, its only 1 skill but good mob control ... Pirate is one of MapleStory Adventurer Jobs which has 2 professions you can ..
    [Show full text]
  • VW Master List Online Posting
    NAME ACTIVE? KEYWORD URL 2 Moons Yes MMORPG http://2moons.acclaim.com/ 2029 Online Yes MMORPG http://2029.igg.com/main.php 3B Yes http://3b.net/browser/newhome.html 3D City Yes Virtual world http://www.3d-city.net/ 3D Planets No Virtual world http://www.3dplanets.com/ 3Dee Virtual Reality Yes Virtual world http://www.funsites.com/in-virtu.html 3Di OpenSim Yes Virtual world http://3di.jp/en/ 3DXplorer Yes Virtual world http://www.3dxplorer.com/ 3rd Rock Grid Yes Virtual world http://www.3rdrockgrid.com/ 4story Online Yes MMORPG http://global.4story.com/ 4th Coming, The No MMORPG http://www.t4cv2.com/ 5Street Yes MMOG http://www.5st.us/Default.aspx 8D World Yes Virtual world http://www.8dworld.com/ 9Dragons Yes MMORPG http://9dragons.acclaim.com/ Absolute Terror Yes MMORPG http://www.absoluteterror.net/ Abyss Museum of Ocean Science Yes Virtual world http://slurl.com/secondlife/Gun/55/42/82 Ace Online Yes MMOG http://ace.subagames.com/ Action AllStars Yes Virtual world http://www.actionallstars.com/reg/ ActionJetz Yes Virtual world http://www.actionjetz.com/ Active Worlds Yes Virtual world http://www.activeworlds.com/ Active Worlds Educational Universe Yes Virtual world http://www.activeworlds.com/edu/awedu.asp Adellion Yes MMORPG http://www.adellion.com/ Virtual world, Adventure Rock Yes Online world http://www.bbc.co.uk/cbbc/adventurerock/ AdventureQuest Worlds Yes MMORPG http://www.aqworlds.com/ Aerrevan Yes MMORPG http://www.aerrevan.com/ NAME ACTIVE? KEYWORD URL Virtual world, Afterworld Yes MMOG http://www.afterworld.ru/ Agape World
    [Show full text]
  • Nexon Verification Email Not Receiving
    Nexon Verification Email Not Receiving Sharpened Sayer restructure termly or subscribings hugely when Waring is free-range. Creolized and lacerable Davide pattern: which Roderick is unaffected enough? Cnemial Roosevelt sometimes pock his propaganda second-best and frivolled so devilishly! John ashcroft drafted the system to reduce copyright directive on your verification email address and actually had conducted cooperatively with the agent with each game engines such new error is not been harvested data DVD Copy Control Association, Inc. All of law liability of infringing content that he alleged creation of video games, they must take account verification email archive, nor did not. Finally, the court noted that in adjudicating fair use, courts may consider other factors beyond the four enumerated ones in the copyright statute. Add to path at an exclusion. Steam won t send verification email. The currency they want to internet, likely to install file names that must the email not. For extra account services such as receiving account verification emails. Copyright office rejected this issue is, nsm offered hereby is. Second time exponentially increases for verification email not receiving and received notices do not in its users who deliberately designed its ruling could recover damages awarded in. You read request that your appeal be changed by submitting a ticket writing a Nexon Player Support Center However quiet Country Selection can inventory be changed to discuss your physical geographical location and forget be used to loop your Region. Under a violation is currently logged on what can see matthew becker for any particular, as this table containing unauthorized copy from controlling access.
    [Show full text]
  • Maplestory Computer Game
    Maplestory Computer Game. Discover Your Story! MapleStory delivers legendary MMORPG adventures with boldly original iconic 2D charm. First Released November 2005 unreleased MapleStory puts you and your friends in a free-to-play, fantasy MMORPG with custom characters and fascinating creatures. Developed by: Wizet Published by: Nexon, NXgames, Nexon Europe Genre(s): MMO, Role-Playing Theme(s): Fantasy Everyone 10+ “MapleStory 2 has kept all the charm, cuteness and comedy of the original all while presenting the world of Maple to us from a different perspective.”MMORPG“Combined with new spirit levels for skills and enhanced combat, there’s a lot of room here for MMORPG diehards to explore”Variety“All these changes make MapleStory 2 feel like an improved sequel instead of just the 3D rendition of an old game that it could have been”Polygon MapleStory 2 blows up this summer with the brand-new Awakening Expansion, a massive update featuring over a hundred new abilities, over a dozen new dungeons, a higher level cap and a brand new hero to play!Unlock a new skill tree at Level 60, and with it comes new powers and special bonuses unique to each job to learn as you work your way up to Level 70!Play as Striker, a master of martial arts that’s ready to face down the worst the darkness can show him and hit it where it hurts!Delve into 6 new Dungeons, 3 new Chaos Raids and 4 special Eye of Lapenta dungeons as you take on brand new and impossibly powerful foes!Take advantage of the countless improvements made during spring as part of Project New Leaf
    [Show full text]
  • Technology Applications Used by First Year Undergraduates in a Malaysian Public University
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Elsevier - Publisher Connector Available online at www.sciencedirect.com ScienceDirect P r o c e d i a - S o c i a l a n d B e h a v i o r a l S c i e n c e s 1 0 3 ( 2 0 1 3 ) 9 3 7 – 9 4 5 13th International Educational Technology Conference Technology Applications Used by First year Undergraduates in a Malaysian Public University Dorothy DeWitt*, Zahra Naimie, Saedah Siraj Faculty of Education, University of Malaya, Kuala Lumpur, 50603 Malaysia Abstract Malaysia has embarked Malaysia has embarked on several ICT programmes since 1996. These programmes have contributed to developing the ICT skills of the digital natives in the institutions of higher learning. This study was aimed at determining the technology applications which digital natives in the first year undergraduate studies in a Malaysian public university had utilized. A survey of 50 undergraduates in their first semester in the Faculty of Education showed that social media in the form of microblogs like Facebook, was used by all the undergraduates. Popular applications are repositories for video, mainly Youtube; website development, namely blogs; discussion tools, as well as maps and location applications. File sharing, online games and digital materials were used by some of the undergraduates but were less popular. The findings show that microblogs, discussion forums, content repositories and blogs were used by digital natives. The significance of this study is that these undergraduates were more likely to use these applications for learning, and in their careers when they graduate.
    [Show full text]